The recent decline in mortgage foreclosures might have more to do with a new longer state-mandated right-to-cure waiting period and the state Supreme Judicial Court’s Ibanez decision, which invalidated two Springfield foreclosures because the foreclosing entities could not legally prove that it actually owned the mortgage.
In Springfield: The number of foreclosure deeds fell 77.6 percent, from 76 in January 2010 to 17 in January of 2011 according to The Warren Group. Foreclosure deeds are typically the last step in the foreclosure process. With 17 foreclosure deeds, Springfield had the third-highest total in the state in January behind 38 in Worcester and 20 in Lynn.
Hampden County: As a whole, the number of foreclosure deeds fell 71.56 percent from 109 in January 2010 to 31 in January 2011.
Hampshire County: The number of foreclosure deeds fell 80.95 percent from 21 to four. In Franklin County, the number of foreclosure deeds fell 44.44 percent from 18 in January 2010 to 10 in January 2011, according to The Warren Group.